JOINT PROVISIONS. 10.1. It is hereby accepted and acknowledged irrevocably by the Customer that the Bank will have rights of pledge, lien, transfer, setoff and deduction on a portion adequate to pay the outstanding debts of the balance of all and any of the Customer’s TL or foreign currency, demand or time deposit and repo accounts and investment (securities), gold and other precious metals accounts, also including the Customer’s existing and/or to-be-opened wage accounts (also including the Customer’s share in his wage accounts and joint accounts), and all and any present or future debts of the Bank owed to the Customer and arising out of this Agreement and/or any other reason whatsoever, and the Customer’s blocked accounts, and safe-deposit boxes and all and any assets contained therein, and cash funds, stocks, bonds and debentures, bills of lading, and checks, promissory notes and all other negotiable instruments and bills of exchange delivered for collection purposes, and credit accounts, and remittances sent or to be sent to the Customer, and that the Customer has pledged to the Bank a portion of these assets adequate for repayment of all of his present and future debts and obligations, regardless of the format and nature thereof, and that the Bank will be authorized to collect and recover its receivables ex officio by setting off the same from an adequate portion of them without any further notice or warning or without taking any legal actions or proceedings in connection therewith, and to this end, the Bank will be entitled to convert the moneys in his accounts to the relevant currency over the then-current exchange rates of the Central Bank of the Republic of Turkey, and to close the Customer’s time deposit accounts before the end of maturity thereof, and to cash gold and other precious metals over the then-current market rates, and to sell the securities in the relevant market which will be finally purchased by the Bank over the foreign exchange buying rates current as of that date and subject to the same provisions. The Customer further accepts that the Bank will be authorized to use its rights arising out of this Agreement on the aforementioned rights and claims until full repayment of the Customer’s debts owed to the Bank hereunder. The Customer acknowledges and accepts that also if and when the Bank acts in the name of other intermediary institutions as and in the capacity of a Broker in Order Transmission as per the provisions of the Capital Markets Law, the Bank may use these rights also for the purpose of collection and recovery of receivables of these other intermediary institutions. The Customer may, without a prior consent of the Bank, not transfer or assign to third parties any of the rights and claims listed hereinabove and encumbered by a right of pledge of the Bank. This Article is by nature a Pledge Contract and is valid for an indefinite and unlimited term. This right of pledge will remain valid and in force until the debts owed to the Bank under this Agreement are fully repaid, together with all accessory debts associated thereto. This Agreement entitles the Bank to block the relevant accounts under the terms and conditions specified in this Agreement. Only if and when all of the debts owed to the Bank under this Agreement are repaid and settled, upon demand of the Pledgor, the blocked accounts may be released, and upon releasing of the blocked accounts, the Pledgor may dispose of the blocked amounts.
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Samples: www.akbank.com, www.akbank.com, www.akbank.com
JOINT PROVISIONS. 10.1. It is hereby accepted and acknowledged irrevocably by the Customer that the Bank will have rights of pledge, lien, transfer, setoff and deduction on a portion adequate to pay the outstanding debts of the balance of all and any of the Customer’s TL or foreign currency, demand or time deposit and repo accounts and investment (securities), gold and other precious metals accounts, also including the Customer’s existing and/or to-be-opened wage accounts (also including the Customer’s share in his wage accounts and joint accounts), and all and any present or future debts of the Bank owed to the Customer and arising out of this Agreement and/or any other reason whatsoever, and the Customer’s blocked accounts, and safe-deposit boxes and all and any assets contained therein, and cash funds, stocks, bonds and debentures, bills of lading, and checks, promissory notes and all other negotiable instruments and bills of exchange delivered for collection purposes, and credit accounts, and remittances sent or to be sent to the Customer, and that the Customer has pledged to the Bank a portion of these assets adequate for repayment of all of his present and future debts and obligations, regardless of the format and nature thereof, and that the Bank will be authorized to collect and recover its receivables ex officio by setting off the same from an adequate portion of them without any further notice or warning or without taking any legal actions or proceedings in connection therewith, and to this end, the Bank will be entitled to convert the moneys in his accounts to the relevant currency over the then-current exchange rates of the Central Bank of the Republic of Turkey, and to close the Customer’s time deposit accounts before the end of maturity thereof, and to cash gold and other precious metals over the then-current market rates, and to sell the securities in the relevant market which will be finally purchased by the Bank over the foreign exchange buying rates current as of that date and subject to the same provisions. The Customer further accepts that the Bank will be authorized to use its rights arising out of this Agreement on the aforementioned rights and claims until full repayment of the Customer’s debts owed to the Bank hereunder. The Customer acknowledges and accepts that also if and when the Bank acts in the name of other intermediary institutions as and in the capacity of a Broker in Order Transmission as per the provisions of the Capital Markets Law, the Bank may use these rights also for the purpose of collection and recovery of receivables of these other intermediary institutions. The Customer may, without a prior consent of the Bank, not transfer or assign to third parties any of the rights and claims listed hereinabove and encumbered by a right of pledge of the Bank. This Article is by nature a Pledge Contract and is valid for an indefinite and unlimited term. This right of pledge will remain valid and in force until the debts owed to the Bank under this Agreement are fully repaid, together with all accessory debts associated thereto. This Agreement entitles the Bank to block the relevant accounts under the terms and conditions specified in this Agreement. Only if and when all of the debts owed to the Bank under this Agreement are repaid and settled, upon demand of the Pledgor, the blocked accounts may be released, and upon releasing of the blocked accounts, the Pledgor may dispose of the blocked amounts.
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Samples: Banking Services Agreement
